Canadian stocks continued to slide for the fifth consecutive session on Friday, posting their longest losing streak in over six months, as a pullback in metals prices and rising Treasury bond yields weighed on investors’ sentiments. The S&P/TSX Composite Index slipped by 88 points, or 0.4%, for the day to settle at 24,464.
Nearly all key sectors ended the session in the red, but the market selloff was mainly led by heavy losses in real estate, consumer, and technology stocks amid risk-off trading, reflecting growing concerns about the near-term economic outlook. With this, the TSX benchmark lost 1.4% of its value last week, ending its six-week winning streak.
Top TSX Composite movers and active stocks
StorageVault Canada, Equinox Gold, SSR Mining, and SilverCrest Metals were the worst-performing TSX stocks in the last session, with each falling by at least 3.9%.
On the flip side, Winpak (TSX:WPK) jumped by 4.5% to $49.47 per share, making it the day’s top-performing TSX stock. This rally in WPK stock came a day after the Winnipeg-based packaging company announced its third-quarter financial results.
During the quarter ended in September, higher sales volumes led to a 4.3% year-over-year increase in Winpak’s revenue to US$285.5 million. More importantly, the company’s adjusted quarterly earnings jumped by 17.3% from a year ago to US$0.61 per share due to improved gross profit margins with reduced material costs. On a year-to-date basis, WPK stock is now up 21%.
Interfor, Tilray Brands, and Bird Construction also inched up by at least 3.4% each, making them among the session’s top performers on the Toronto Stock Exchange.
Based on their daily trade volume, Royal Bank of Canada, TD Bank, Baytex Energy, Manulife Financial, and Bank of Nova Scotia were the five most active stocks on the exchange.
TSX today
West Texas Intermediate crude oil futures prices dropped sharply by over 5% early on Monday as investors assessed whether Israel’s recent strike on Iran could affect oil supply dynamics. This could pressure the commodity-heavy TSX index at the open today with expectations of big declines in energy stocks.
While no major economic releases are due this morning, Canadian investors may want to keep an eye on the Bank of Canada governor Tiff Macklem’s remarks about the economy during his speech at The Logic Summit in Toronto this afternoon, which could give further direction to stocks.
On the corporate events side, the TSX-listed PrairieSky Royalty and First Capital Real Estate Investment Trust will announce their latest quarterly results today after the market closing bell.
Market movers on the TSX today
